Benefits Of Multiple Payment Options for Your E-commerce Websites

Benefits Of Multiple Payment Options for Your E-commerce Websites

Online shopping has grown rapidly over the past few years, thanks to advancements in the internet technology. As a result, merchants have been investing time, energy and resources to create an e-commerce store and incorporate innovative features to enhance the website’s customer experience. But, one area that remains a challenge is the payment systems available to shoppers. Retailers are torn between integrating one or multiple payment options. However, the explosion of online shopping has seen the introduction of many payment options in the marketplace. This begs the question: Is integrating multiple payment options to your e-commerce website beneficial? Well, let’s check out the benefits of integrating various payment options into your e-commerce website:

INTEGRATING VARIOUS PAYMENT OPTIONS INTO YOUR E-COMMERCE SOLUTIONS GIVES YOU AN EDGE OVER THE COMPETITION

Statistically, 50% of consumers ditch their shopping carts at the checkout when they discover that their preferred payment system is not available. For instance, a customer who prefers to pay using PayPal will buy from e-commerce websites that offer PayPal as a payment option. So if you include PayPal and other payment options like credit card, Google Wallet, and Amazon Pay, you will have an advantage over competitors.

POSSIBILITIES OF BROADER OUTREACH FOR YOUR E-COMMERCE WEBSITES

Integrating multiple payment options means you can target the global market and this will skyrocket your conversions. However, you must do your due diligence before choosing the payment options to integrate into your e-commerce platforms. For example, select popular payment options that can conveniently transact internationally such as PayPal, Visa Card and Master Card. If you’re targeting the Chinese, Netherlands, and Germany markets, integrate payment options like Alipay, Ideal, and Postpay to invoice respectively.

MINIMIZES OVER RELIABLE ON ONE POPULAR PAYMENT SYSTEM IN YOUR E-COMMERCE PLATFORMS

Most e-commerce merchants tend to stick to one popular payment system for their e-commerce stores. While this is good for your target market, it can be dangerous. For example, the payment system may experience downtime, or the developers of the payments system may choose to increase rates for transactions. The worst may also happen. The Payment system might cease operations altogether. When one of these happens, you will be left in limbo, and your business will suffer. This underscores the importance of multiple payment options for your online store. When one service ceases to exist or experiences a glitch, customers can choose other options to pay for products and services. Multiple payments options guarantee continuity of business operations.

ENABLES CUSTOMERS TO PAY USING THEIR MOBILE DEVICES ON YOUR E-COMMERCE STORES

The new generation of shoppers is increasingly pressed for time, and so, convenience is an agenda for them. They like to shop whenever they want, and wherever they are using their mobile devices. Some payments options such as Visa Card and Master Card do not offer this convenience, which is why incorporating more payment options like PayPal, Google Wallet, Apple Pay and Android Pay could make your e-commerce website more appealing to customers.

Online differed payments are possible with various payment options. Differed payment means customers can buy products that they cannot afford. A typical example of a differed payment system is After Pay. This service allows customers to purchase products that they can’t afford now and pay later. Some e-commerce merchants have been able to grow their online businesses using the differed payment option.

INTEGRATING MULTIPLE PAYMENT OPTIONS LEADS TO EXPLOSION OF SALES

Of course, all the above aspects lead to increased sales, which is the main aim of any online retailer. More sales mean you will be able to pay your employees, optimize your e-commerce site and scale your business. Multiple payment options synchronized with an excellent shopping cart will make customers stick to your brand to the very end.